Decrypt • Nov 27, 23
Gaming Tokens Keep Rising as Axie Infinity, Ronin, and Illuvium Pump
Video game tokens including AXS, RON, and ILV had a strong week, plus ApeCoin hit a three-month high over the weekend.
AXS is an Ethereum token that powers Axie Infinity, a blockchain-based game where players can battle, collect, and build a digital kingdom for their pets. AXS holders can claim rewards for staking their tokens, playing the game, and participating in key governance votes.
Axie Infinity is a -based game that allows players to collect, breed, raise, battle, and trade digital creatures known as Axies. Think of it as a -meets-Pokémon game where players raise, battle, and trade cute pets called Axies. It features two native cryptocurrencies: Axie Infinity Shards (AXS), which can be bought and sold on exchanges like Coinbase, and Small Love Potion (SLP), which is awarded to players for spending time in the game. Axie Infinity Shards (AXS) is Axie Infinity ecosystem's own token and can be used to participate in key governance votes. Each Axie is a non-fungible token (NFT) with distinct attributes and strengths, and they can be entered into 3v3 battles, with the winning team receiving more experience points. These points can be used to level up an Axie's stats or evolve their body parts. Axies can also be bred together to produce new offspring, which can be used or traded on the Axie marketplace. To solve the scalability problem, Axie Infinity created its sidechain on called Ronin Network, which ensures instant transactions not involving the Ethereum blockchain. Most transactions happen on a speedy, bespoke sidechain called Ronin, which developer Sky Mavis designed to have lower fees than the main Ethereum blockchain.
The gameplay of Axie Infinity revolves around fighting and breeding Axies. Players need to have an Axie to join the battle and select Adventure Mode (PvE) or Arena Mode (PvP). The game also features a marketplace where players can trade their Axies and land plots. A key feature of Axie Infinity is community engagement, where each member contributes, participates in governance, and generates content. There are two special cryptocurrencies used in the game: The main token, Axie Infinity Shards (AXS), can be bought and sold on exchanges like Coinbase. You need some AXS to play the game, but you can also trade AXS like , , or any other major crypto. AXS will also serve as a governance token, which allows holders to have a say in the future of the game. A second token, called Small Love Potion (SLP), is awarded to players for spending time in the game. You can win some for beating an opponent's Axie or for completing in-game quests. The more you play, the more SLP you can rack up. (While this asset is not currently available on Coinbase, you can buy and sell SLP via DEXs like or SushiSwap.)
Axie Infinity was created in 2018 by Sky Mavis, a technology-focused game developer, along with co-founders Trung Nguyen and Aleksander Larsenwith and a team primarily based in Vietnam. Trung Nguyen is the current CEO of the platform, and Aleksander Larsen is credited as a co-founder and COO of the platform. The native ecosystem token, Axie Infinity Shard (AXS), was launched in November 2020, and as of August 2021, the game had around 1 million daily players. In the summer of 2021, Axie Infinity became widely popular on the Ethereum blockchain.
To play, you'll need an Ethereum-compatible crypto and some ETH. You can buy some ETH from an exchange like Coinbase and send it to Coinbase Wallet (which is separate from the main ; you can download it via Apple's App Store or Google Play) or Metamask. (You can also download this Chrome extension to connect Coinbase Wallet to a web browser if you'd rather play on a computer.) To start playing, you need to buy at least three Axies from the game's marketplace. Sky Mavis takes a 4.25% cut of all the Axies, virtual real estate, and other items users sell each other. "Rare" Axies with desirable traits cost more. Players can also "breed" new Axies, which costs some of the game's two native cryptocurrencies: Axie Infinity Shards (AXS) and Small Love Potion (SLP). You can earn SLP by successfully battling other players and completing quests.
You can buy and sell AXS via exchanges like Coinbase. SLP, in contrast, can be earned in-game and used to breed Axie.
Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.
Of all the assets on Coinbase, these 12 are the closest to Axie Infinity in market cap.
364 unique individuals are talking about Axie Infinity and it is ranked #47 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Axie Infinity has an average sentiment score of 0 out of 5. Finally, Axie Infinity is becoming less newsworthy, with 0 news articles published about Axie Infinity. This is a 100% decrease in news volume compared to yesterday.
On Twitter, people are mostly neutral about Axie Infinity. There were 17.61% of tweets with bullish sentiment compared to 10.93% of tweets with a bearish sentiment about Axie Infinity. 71.46% of tweets were neutral about Axie Infinity. These sentiments are based on 494 tweets.
On Reddit, Axie Infinity was mentioned in 0 Reddit posts and there were 0 comments about Axie Infinity. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
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The price of Axie Infinity has fallen by 3.20% in the past 7 days. The price increased by 1.22% in the last 24 hours. The current price is $6.65 per AXS. Axie Infinity is 95.98% below the all time high of $165.37.
The current circulating supply is 132,040,366.969 AXS.
The current market cap of Axie Infinity is $878.77M. A high market cap implies that the asset is highly valued by the market.
The all-time high of Axie Infinity is $165.37. This all-time high is highest price paid for Axie Infinity since it was launched.
Over the last 24 hours, the trading volume of Axie Infinity is $117.82M.
The current circulating supply of Axie Infinity is 132 million.
The median time that Coinbase customers hold Axie Infinity before selling it or sending it to another account or address is 48 days.
Axie Infinity ranks 85 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 91% of Coinbase users are buying Axie Infinity. In other words, 91% of Coinbase customers have increased their net position in Axie Infinity over the past 24 hours through trading.
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